This quiz works best with JavaScript enabled. Home > Finance > Economics > Macroeconomics > Economic Growth > Economic Growth – Quiz 24 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Growth Quiz 24 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Literacy is the ability to A) Do math. B) Follow directions. C) Read and write. D) None of above. Show Answer Correct Answer: C) Read and write. 2. The total value of goods and services produced in a country in a year is called the ..... A) GDP. B) ZXY. C) XYZ. D) PGA. Show Answer Correct Answer: A) GDP. 3. Division of labour reduces productivity A) True. B) False. Show Answer Correct Answer: B) False. 4. Which of the following about strategy of unbalanced growth is right A) Deliberate imbalance in favor of some sectors. B) Simultaneous investment in all sectors. C) Both. D) None. Show Answer Correct Answer: A) Deliberate imbalance in favor of some sectors. 5. What is one reason why innovation can have high returns? A) Competition among inventors. B) Non-rivalry of ideas. C) Lack of interest. D) Lack of funding. E) Artificial Intelligence. Show Answer Correct Answer: B) Non-rivalry of ideas. 6. Civil War 2.Mexican-American War3. Reconstruction 4.Texas Annexation Which of the following is the correct chronological order? A) 4, 2, 1, 3. B) 2, 4, 1, 3. C) 1, 4, 3, 2. D) 1, 3, 2, 4. Show Answer Correct Answer: A) 4, 2, 1, 3. 7. The PPC (Production Possibility Curve) moves inward during a ..... ? A) Boom. B) Expansion. C) Stable Economy. D) Recession. Show Answer Correct Answer: D) Recession. 8. What is the purpose of the European Union? A) To maintain the largest standing army in the world as a deterrent. B) To enforce global peace treaties through military intervention. C) To create a single, federal state covering the European continent. D) To promote peace, security, and justice through cooperation. Show Answer Correct Answer: D) To promote peace, security, and justice through cooperation. 9. Sustainable economic growth depends upon A) Investment, not saving. B) Saving, not investment. C) Both saving and investment. D) Neither saving nor investment. Show Answer Correct Answer: C) Both saving and investment. 10. The use of resources and money with aparticular country A) Economy. B) Imports. C) Gross domestic product. D) Natural resources. E) Exports. Show Answer Correct Answer: A) Economy. 11. Human capital is all the skills, talents, education, and abilities that human workers possess. A) True tagsS2789894. B) False. Show Answer Correct Answer: A) True tagsS2789894. 12. Which one IS NOT an example of human capital? A) Voice. B) Training. C) Education. D) Skills. Show Answer Correct Answer: A) Voice. 13. How does a rise in interest rates contribute to a recession? A) It boosts consumer confidence. B) It reduces borrowing costs. C) It increases the cost of borrowing and reduces demand. D) It leads to expansionary fiscal policies. Show Answer Correct Answer: C) It increases the cost of borrowing and reduces demand. 14. The business cycle describes the fact that A) Unemployment levels are constantly changing. B) An economy's level of output fluctuates between times of recession and expansion. C) Inflation rates are constantly changing. D) Politicians usually pass laws that cause the economy to react in unpredictable ways. Show Answer Correct Answer: B) An economy's level of output fluctuates between times of recession and expansion. 15. Which of the following explains the term economic growth A) Increase in per capita production. B) Increase in per capita real income. C) Structural change in the economy. D) All of the above. Show Answer Correct Answer: D) All of the above. 16. If a mass immigration occurs, the production possibilities curve can shift A) No shift. B) Outward on one axis only. C) To the right. D) To the left. Show Answer Correct Answer: C) To the right. 17. When a point lies inside of the PPC it can be said that A) Resources are fully utilize. B) Production is beyond the resource potential. C) Resources are under employed. D) Opportunity cost of production is constant. Show Answer Correct Answer: C) Resources are under employed. 18. 35 year old project manager who was let go because his employer went bankrupt. He's applied for several similar jobs but hasn't heard back as of yet. A) Unemployed. B) Not Applicable / Not Counted. C) Not in the Labor Force. D) Employed. Show Answer Correct Answer: A) Unemployed. 19. What is the primary purpose of calculating GDP per capita? A) To determine potential economic growth. B) To measure inflation. C) To assess the average output per person in an economy. D) To estimate government spending. Show Answer Correct Answer: C) To assess the average output per person in an economy. 20. Which of the following was a REQUIREMENT to be eligible to participate in the Homestead Act? A) Immigrant. B) Head of a household. C) White. D) Family history as a farmer. Show Answer Correct Answer: B) Head of a household. 21. How can maintaining a high literacy rate positively affect a nation's standard of living? A) Literate people are better able to secure skilled jobs. B) Literate people do not commit crimes against others. C) Literacy prevents political division amongst voters. D) Literate people do not Literacy helps members of different religions coexist. Show Answer Correct Answer: A) Literate people are better able to secure skilled jobs. 22. One advantage of rapid economic growth is A) Pollution levels rising. B) Rapidly rising property prices. C) Population migration and shanty towns. D) Increased tax revenues for Government spending. Show Answer Correct Answer: D) Increased tax revenues for Government spending. 23. What does the HDI measure? A) How much money the rich 10% of the population have. B) Living standards in terms of health, education, life expectancy. C) The weapons production of an economy. D) The GDP per capita. Show Answer Correct Answer: B) Living standards in terms of health, education, life expectancy. 24. Which one is a constraints to economic growth in South Africa? A) Reduce government expenditure. B) More successful business. C) Reduce Poverty. D) Lack of Managerial skills. Show Answer Correct Answer: D) Lack of Managerial skills. 25. Which is not an example of education? A) A person reading a newspaper. B) A person attending a online class. C) A person reading a book. D) A child using a computer. Show Answer Correct Answer: A) A person reading a newspaper. 26. Increases in real GDP always result in increases in living standards A) False. B) True. Show Answer Correct Answer: A) False. 27. What country in Europe has a high literacy late, but a low standard of living? A) France. B) Poland. C) Italy. D) Russia. Show Answer Correct Answer: D) Russia. 28. What happens to a country's Standard of Living when the GDP increases? A) The Standard of Living Lowers. B) The Standard of Living Rises. Show Answer Correct Answer: B) The Standard of Living Rises. 29. A scientist who studies the earth's structure is called a A) Geologist. B) Phlebotomist. C) Meteorologist. D) Earthologist. Show Answer Correct Answer: A) Geologist. 30. True or False:Usually the higher a countries Literacy Rate the higher their Standard of Living. A) False. B) True. Show Answer Correct Answer: B) True. ← PreviousNext →Related QuizzesMacroeconomics QuizzesEconomics QuizzesEconomic Growth Quiz 1Economic Growth Quiz 2Economic Growth Quiz 3Economic Growth Quiz 4Economic Growth Quiz 5Economic Growth Quiz 6Economic Growth Quiz 7Economic Growth Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books